WTI retreats from highs, back around $28.00

The barrel of West Texas Intermediate has now returned to the negative territory after quickly fading a post-EIA spike to highs near $29.20.

WTI extends the weekly rout

Crude oil prices remain well entrenched in the negative territory for the week, paying little-to-none attention to today’s better-than-expected results from the EIA’s weekly report, where crude oil inventories decreased by 754K barrels during last week and gasoline inventories have risen more than forecasted.

Crude oil rout remains thus unabated so far this week, coming down from recent peaks in the $34.70 area, albeit recovering some ground after piercing the $28.00 handle during yesterday’s session.

WTI levels to consider

At the moment the barrel of WTI is up 1.59% at $28.32 and a surpass of $34.82 (high Jan.28) would expose $38.00 (downtrend from $50.92) and finally $39.17 (100-day sma). On the flip side, the next support lies at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20).
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